Quest Diagnostics is the world’s leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative diagnostic tests and advanced healthcare information technology solutions that help improve patient care.
Quest Diagnostics Incorporated (NYSE:DGX), the world’s leading provider of diagnostic testing, information and services, and Celera Corporation, one of the world’s pioneers in genetic diagnostics discovery and development, announced that they have entered into a definitive merger agreement under which Quest Diagnostics will acquire Celera for $8 per share, representing a transaction value of approximately $344 million, net of $327 million in acquired cash and short-term investments. The transaction value is expected to be further reduced through the realization of a significant portion of Celera’s available tax credit and net operating loss carryforwards and capitalized R&D, which totaled $117 million at the end of 2010. The transaction was approved by the boards of directors of both companies. Celera generated revenues of $128 million in 2010.
Quest Diagnostics will acquire strategic assets and capabilities through the transaction, including:
Immediate Access to Proprietary Genetic Tests and Pipeline of Biomarkers to Drive Sustainable Growth. Celera was founded to sequence the human genome and identify links between genetic variations and disease states. Its renowned discovery program has identified numerous genetic biomarkers that assess disease risk or help clinicians select appropriate therapies for many diseases. Celera has generated a portfolio of proprietary genetic biomarkers for numerous key clinical needs across the disease spectrum, and has about 100 issued or pending patents. In addition, Celera’s current research and development pipeline is focused on cardiovascular disease and cancer and is expected to produce significant value.
Berkeley HeartLab’s Unique Test Offering and Specialized Sales Force Enhances Leading Position in Gene-based and Esoteric Cardiovascular Testing. Berkeley HeartLab offers proprietary cardiovascular tests sold through its specialized sales force and supported by clinical educators who provide patient disease management services. Its leading tests include: HDL and LDL lipoprotein analysis to help characterize a patient’s cardiovascular disease risk; KIF6 genotyping test to predict risk of coronary heart disease and response to statin therapy; 9p21 genotyping test to predict the risk of early onset myocardial infarction; and LPA genotyping test to predict risk of coronary heart disease and response to aspirin therapy.
Adds Leading Genetic In Vitro Diagnostics (IVD) Products and Development Capability. Celera develops, manufactures and commercializes test kits and reagents and is a leading provider of molecular test products for transplantation genetics, Cystic Fibrosis, HIV drug resistance and Fragile X syndrome.
Quest Diagnostics operates 24 hours a day, 7 days a week, 365 days a year, providing customers with a comprehensive menu of routine and specialty laboratory tests and services. With the consolidated capabilities of their regional laboratories, expanding international presence and the additional esoteric capabilities of Nichols Institute, Quest Diagnostics is able to offer unequaled convenience in utilizing one laboratory for all diagnostic and prognostic clinical testing needs.
A substantial body of research shows that there are serious health and financial consequences associated with being uninsured. Moreover, research shows that leaving a large share of the population without health insurance affects not only those who are uninsured, but also the health and economic wellbeing of the nation. Yet, despite these findings, the number of uninsured Americans continues to grow. Although the national debate over ensuring health coverage for more Americans periodically gains momentum, it then stalls�perhaps in part because not enough is known about both the benefits and the costs of expanding coverage to more, if not all, of the uninsured.
NATIONAL HEALTH PARTNERS, INC. (NHPR.OB), a leading provider of discount healthcare membership programs, is pleased to announce the launch of a new network marketing program by one of its strategic partners, Xpress Healthcare, LLC.
Xpress Healthcare has teamed up with CARExpress in an effort to revolutionize the discount healthcare industry while at the same time bringing financial freedom to families across the nation. Xpress Healthcare has developed a first-class business platform that will enable brokers to develop their own business while generating strong monthly cash flows. Thru their unique website, www.join.xpressabo.com , brokers will be able to rapidly build their own independence.
“We are very excited about this new strategic partnership which we anticipate will have a major impact on our overall sales,” states David M. Daniels, National Health Partners President and CEO. Mr. Daniels further states, “Offering tremendous growth potential, Xpress Healthcare is well positioned to become the leading marketing arm for CARExpress. By enrolling both new brokers as well as members, their growth should be explosive.”
National Health Partners, Inc. is a national healthcare savings organization that provides discount healthcare membership programs to uninsured and underinsured people through a national healthcare savings network called “CARExpress.” CARExpress is one of the largest networks of hospitals, doctors, dentists, pharmacists and other healthcare providers in the country and is comprised of over 1,000,000 medical professionals that belong to such PPOs as CareMark and Aetna. The company’s primary target customer group is the 47 million Americans who have no health insurance of any kind. The company’s secondary target customer group includes the millions of Americans who lack complete health insurance coverage. The company is headquartered in Horsham, Pennsylvania.
For more information on the company, please visit its website at www.nationalhealthpartners.com .
Gray Television Inc. (NYSE:GTN) announced results of operations for the three-month period (the “fourth quarter”) and year ended December 31, 2010 (”2010″) as compared to the three-month period and year ended December 31, 2009. Gray Earns Record Revenue and Broadcast Cash Flow for the Year Ended December 31, 2010: For the year ended December 31, 2010, we recorded revenue of $346.1 million and broadcast cash flow of $148.9 million. These are record amounts for Gray. GTN, previous records were set in 2006 when we recorded revenue of $332.1 million and broadcast cash flow of 143.4 million for the year. These record amounts were driven in part by a record $57.6 million of political advertising revenue in 2010.
Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX).
Ashford Hospitality Trust Inc. (NYSE:AHT) announced it has formed a new joint venture with an institutional partner to take ownership of the 28-hotel Highland Hospitality portfolio. The acquisition and restructuring were completed through a consensual foreclosure for total consideration of $1.277 billion. The total consideration equates to a purchase price of $158,000 per key compared with $244,000 per key before capital improvement funding when the portfolio was acquired in 2007 in a privatization of publicly traded Highland Hospitality. Based on 2010 results, the purchase price equates to an EBITDA multiple of 13.4x and a capitalization rate of 6.1% utilizing NOI that is approximately 36% below its peak levels.
Ashford Hospitality Trust, Inc. is a publicly owned real estate investment trust. The firm engages in investment and management of properties in the hospitality industry. It invests in the real estate markets of the United States.
Horizon Lines, Inc. (NYSE:HRZ) reported financial results for its fiscal fourth quarter and year ended December 26, 2010. As a result of the company�s previously announced plans to divest its logistics business, financial results are being presented on a continuing operations basis, excluding the discontinued logistics operations. On a GAAP basis, the fourth-quarter net loss from continuing operations totaled $46.4 million, or $1.50 per share, on revenue from continuing operations of $298.8 million. On an adjusted basis, the fourth-quarter net loss from continuing operations totaled $10.2 million, or $0.33 per diluted share, after excluding charges totaling $36.2 million after tax, or $1.17 per diluted share. The majority of these charges, $30.0 million, represents the net present value of a $45.0 million, non-interest bearing fine associated with the resolution of the Department of Justice�s antitrust investigation. The remaining charges include a reduction in non-union workforce, antitrust-related legal fees, an agreement to settle indirect purchaser litigation in Puerto Rico, and equipment impairment charges.
Horizon Lines, Inc., through its subsidiaries, provides container shipping and integrated logistics services. It ships a range of consumer and industrial items, such as refrigerated and non-refrigerated foodstuffs, household goods, auto parts, building materials, and other materials used in manufacturing.
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